Implats Posts Loss as Weak Metal Prices Trigger Asset Writedowns
- Firm said prices for its platinum group metals fell by a third
- Implats joins other South African miners in cutting jobs
A worker walks along a road near the Impala Platinum Holdings Ltd., also known as Implats, shaft 1 mine in Rustenburg, South Africa.
Photographer: Waldo Swiegers/BloombergThis article is for subscribers only.
Impala Platinum Holdings Ltd. posted a fiscal-year loss after a slump in metal prices prompted the South African miner to write down the value of its assets.
The Johannesburg-based company known as Implats took a charge of 19.8 billion rand ($1.1 billion) related to impairments, mainly at its flagship Rustenburg operations in South Africa. That resulted in a loss of 17.3 billion rand in the 12 months through June, compared with a 4.9 billion rand profit the previous year, it said in a statement on Thursday.